UK’s digital bank Monzo has injected €4m in capital into its new Irish division.
The update comes just several months following Monzo’s CEO, TS Anil, stating that the Fintech firm was in the process of establishing its EU offices in Ireland.
At the time of the release of the Fintech firm’s annual report in June of this year, Anil had noted that Ireland will act as their gateway to European markets, and that they are in the initial stages of establishing an Irish business office.
He also shared that they think every part of the world needs a Monzo so they are focused on further expanding their offering, building innovative strategies to transform the US markets with a leadership team in place.
Since then the Fintech firm has set up a new company and hired experienced financial industry professionals as directors.
Monzo, which competes for market share with other digital banks like Starling and Revolut, claims around 10 million customers and over 450,000 business customers, according to its estimates.
In its financial reports the firm reported a pretax profit of £15.4 million (€18.3m) for the 13 months all the way through to March.
That compared with a significant £116 million loss a year earlier following its revenue surge to £880 million. During that period the Fintech firm loaned £1.4 billion to its clients, which represent an increase of 84%.
As covered in August 2024, Monzo announced that it surpassed 10 million personal customers in the UK as it continues to make money work for everyone.
The milestone follows Monzo’s first full year of profitability, a funding round and various product announcements as the firm moves forward with pace on its goal to build the one app customers use to manage their financial lives.
Monzo serves 10 million personal customers – 1 in 5 adults in the United Kingdom – and more than 450,000 business customers across the UK.
This year has been full of milestones for Monzo:
- Raised $600 million via round led by CapitalG, Alphabet’s independent growth fund
- Reported its first full year of profitability
- Revealed plans for expansion in the US as well as Europe, with Ireland acting as a gateway
- Introduced new products including security features, Monzo for Under 16s and Monzo Pension